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DIFC continues to support the development of the financial services sector and economic growth of the UAE by encouraging the development of a local fund market.
The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Center (DIFC), launched in May the new ABSporting system, based in the United Arab Emirates, a regulatory mechanism for investment and supervision, by ensuring that foreign companies licensed in financial free zones in other countries are encouraged to enter the domestic market.
According to the report, the DIFC launched at the workplace the Employee Savings Plan, which provides for the establishment of a system of end-of-service reward, pbading from a system of premiums to a dues-based system and a voluntary savings component for employees, as part of the Center's transformation plan and in accordance with the guidance. In the field of pension funds.
The financial situation also revealed a unified and simplified "company-specific" system that allows for faster, more flexible and more profitable structuring and financing.
The new system includes the commercial structures previously provided by the Center, including intermediate and special purpose companies. This has largely contributed to the creation of a wide range of potential companies in the aviation finance sector, as well as the sustained attention of family offices and companies seeking to use these structures to plan their succession.
In addition, the DIFC has made considerable efforts to improve access to finance by setting up its own venture capital and participation system, as well as by investing directly in promising financial technology companies.
In March 2019, the Center announced that Middle East Venture Partners and Wamda Capital would manage $ 10 million of the total value of the $ 100 million fund at the Dubai International Financial Center's Financial Technology Center. Companies operating in various areas of financial technology, including payment solutions, robotic consulting, Block Chin techniques and customer knowledge platforms (know your customer).
The number of applications filed between early-stage companies and companies is at a growth stage, reflecting the strong interest shown by emerging companies participating in the program at various stages of the business cycle.
In November 2017, the Center launched a US $ 100 million fund specializing in financial technologies to accelerate the development of financial technologies by investing in emerging projects since its inception.
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